tradingmotives

Longer Term Targets if Median Line Support Holds

Long
COINBASE:ETHUSD   Ethereum / U.S. Dollar
The blue median line is still building validation, but is starting to show potential support & resistance using the warning lines & upper parallel. More upside while the Median Line holds as support. The pivots used for the median line are potentially Minor Wave 1 and 2 of an impulse & the fact that price has broken up through the upper parallel is consistent with strong impulsive price behavior. Many Elliott practitioners use channeling guidelines, but my extensive research has proven that Median Lines yield far more information and can be used when wave 2 is complete (unlike the Elliott channeling guidelines).
Comment: Progressing towards targets
Comment: Monitor support on upper parallel.
Comment: Correction underway on daily. Monitor blue zone for support.

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